Earn up to 8% p.a interest on “Incremental Balances” in your Savings Account in December 2021

Dear Savings Deposit Account Customers, 

KBZ Bank is offering an exciting promotion to all Savings Account customers.

Savings Deposit Account customers will get 3% p.a Bonus interest on the incremental “eligible balance” between December and the previous month of November 2021. 

If all requirements are met, customers will be able to earn up to 8% p.a (normal 5% p.a interest rate + 3% p.a Bonus interest) on these incremental balances in their Savings account. 

To be eligible for this bonus  interest rate , customers are advised to deposit additional funds not later than 5th December 2021.

Normal Savings Account interest of 5% pa will be paid on 31st December 2021 and if the customer is eligible for 3% pa bonus interest, the bonus interest will be paid within 7  days after 31st December 2021. 

**KBZ Bank reserves the right to change or amend the interest rates at any time and customers shall be responsible for regularly reviewing the terms including amendments thereto as may be posted on the website.”

■ Applicable to Normal Savings Accounts, Minor Savings Accounts, (999) MPU Debit Card Accounts and Teen Card Accounts. Not applicable to Cash Account – Savings and Corporate Savings Accounts. 

■ “Eligible Balance” is the Minimum Balance between 5th and end  of the month, on which normal interest of 5% pa is accrued monthly, paid quarterly. 

■ Your “Eligible Balance” in Dec’21  must exceed the Eligible Balance in previous month of Nov’21  to earn 5% pa Normal Interest +  3% pa Bonus Interest on incremental Eligible Balance

1. How is the Bonus Interest rate of Normal Savings Account calculated? 
Please see an example below for the bonus interest rate calculation of normal savings account. 

Example

DateParticularDebitCreditBalanceLabel
Opening Balance10,000,000A
1.12.2021Deposit5,000,00015,000,000
2.12.2021 Withdrawl2,500,00012,500,000
3.12.2021 Deposit7,500,00020,000,000
5.12.2021 20,000,000 B
16.12.2021 Deposit6,000,000 26,000,000
18.12.2021 Withdrawl10,000,000 16,000,000 C
25.12.2021 Deposit5,000,00021,000,000
31.12.2021 Closing Balance 21,000,000

Saving Interest Rate 5%
Bonus Interest Rate 3%

Approach
10,0000,000A
Minimum Balance16,000,000C
Net Balance6,000,000C-A
Savings Existing Interest66,667
Bonus Interest15,000
Existing + Bonus Interest81,667

2. Who is eligible for this Bonus promotion?
All the normal Savings Account holders (Individual/ Joint only) are eligible for this bonus promotion. Not applicable to CASH ACOUNT – Savings and Corporate Savings Accounts. 

3. Is there any minimum balance requirement to be eligible for this promotion?
Standard Savings Account minimum balance criteria apply. No change.  

4. What should I do to earn up to 8% p.a. interest?
To earn normal savings interest of 5% pa and Bonus Interest of 3 % pa, your Eligible Balance in the month of December 2021 must exceed your Eligible Balance in previous month of November 2021. The incremental eligible balance will earn the 3%pa bonus interest in addition to normal interest of 5 % pa, totaling 8% pa interest. 

5. Is there any deadline for this promotion?
Currently the promotion is for Dec 2021 and we will post on the KBZ Bank website for any updates and any extension of this bonus interest offer. You will need to increase your balance by 5th December 2021 and not withdraw during the month.

6. Can we open a new account to earn this promotion?
The promotion is only for existing Savings Accounts.

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